{
  "docId": "019dd923-622c-750b-8b99-01417feb6214",
  "docSlug": "abcba68b252f",
  "documentTitle": "Magnite, Inc. (MGNI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
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  "pageNumber": 24,
  "pageCount": 54,
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  "density": "overcrowded",
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  "notes": "Uses a red callout box to highlight the mathematical inconsistency in the company's financial reporting.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-01417feb6214/24",
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      "bbox": {
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      "kind": "callout",
      "text": "Spruce Point has major concerns that Magnite is hiding substantial underlying financial challenges. The Company explicitly stated its desire to operate two separate platforms and not to integrate technologies. Yet, it claims it cannot show Telaria's post-merger results on a standalone basis",
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      "kind": "callout",
      "text": "Telaria Reported Revenue: Q1 2020: $15.1, Q2 2020: $13.1, 6M 2020: $28.2. Rubicon Reported Revenue: Q1 2020: $36.3, Q2 2020: $29.2, 6M 2020: $65.5. Pro Forma Combined: Q1 2020: $51.4, Q2 2020: $42.3, 6M 2020: $93.7. Warning: Revenue Doesn't Add Up: $93.7 v $93.3",
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      "kind": "callout",
      "text": "Warning: Revenue Doesn't Add Up: $93.7 v $93.3",
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      "text": "Revenue: $93.7",
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      "componentId": "019dd953-25b3-7229-beec-4ec0a46a47d9",
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      "kind": "paragraph",
      "text": "After illustrating that Telaria still has its own employees (including financial and accounting employees), is it really true when Magnite says that reporting Telaria's post-Merger results on a standlone basis were impractical? Even more alarming, we find that “pro forma” revenue results do not balance.",
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      "kind": "source-note",
      "text": "Source: Magnite Q2 2020 10-Q",
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      "kind": "table",
      "text": "Unaudited Pro Forma Information table showing revenue, net loss, and loss per share for various periods.",
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      "kind": "title",
      "text": "Evidence To Suggest Magnite Is Covering Up Poor Telaria Performance",
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